Tax receipts can not be manipulated. The government must report what they collect. They can’t seasonally adjust or manipulate the numbers to make them appear better. As the chart below shows, both Federal withholding taxes and State tax receipts are PLUNGING below previous recession levels. If the government propaganda machine is telling the truth, there are supposedly 2.3 million more employed Americans and the unemployment rate has dropped from 5.5% to 4.7% since last May.
How could withholding taxes plunge if this was the truth? The average wage supposedly went up by 2.3% in the last year. The truth is that withholding taxes can only be going down if less people are employed, wages are falling, and full-time workers are now part-time workers. Tax receipts don’t lie, but politicians and mainstream media pundits do lie. Their job is to lie and keep you misinformed and sedated.
If retail sales are positive, companies are thriving and employment is rising, how could state tax receipts (sales taxes, employment taxes, corporate taxes) be crashing? They couldn’t. Company profits are rapidly declining. The jobs picture is getting progressively worse. The people without the jobs aren’t spending. If they were spending, sales tax receipts would be increasing.
This chart reveals that virtually every government report is a bold faced lie. The data is sliced, diced, manipulated, adjusted and massaged to achieve a happy ending. Every economic report will be revised to a recessionary level two years from now late on a Friday afternoon when no one is paying attention.
If it looks like a recession, feels like a recession, and quacks like a recession, IT’S A RECESSION.
The economy has one foot on the proverbial banana peal and the other in a pile of welfare-warfare-NAFTA/GATT feces. The last three crashes were followed by three recovery periods (1992-2000, 2004-2008, 2011-2016) that were each lower than the last. Expect the next step down to be even greater and might be a fall that leaves Europe, Japan and the USA crawling like the 1930s.
I say it’s a depression. 94,000,000 working age people – 38% – not in the work force.
The 0.5 HNIC has done a good job in hiding these people in entitlement programs – this is why we don’t see soup kitchens. It is also why we are $trillions of dollars in debt.
Being in the software industry, I can tell you that much data has been ‘normalized’ – this makes it possible to share data with other programs / platforms. Service jobs like insurance salesman, stock broker, loan officer, are all being automated.
The manufacturing jobs are never going to ‘come back’. The new norm is going to be part-time jobs, at $15 an hour..
We are fucked.
Greetings,
I think we are about to see the Pareto Principle applied to Social Darwinism. If 80% of all the good stuff that government wants – money, comes from the top 20% then there really is no need for the bottom 80%. You will see this play out the very moment Uncle Sugar no longer needs humans to run its war machine. Once popular support is no longer necessary in order to bully around other nations then those at the bottom will be abandoned and left to fend for themselves.
@Nickelwaster: What a lovely take on the situation.. There will still be needs for grunts in any form of society – but they may speak Spanish or Slovac or something after all the American speaking grunts are dead..
MA
“The government must report what they collect.”
Who said it had to be accurate?
How could withholding taxes plunge if this was the truth?
Because Obama has cut taxes? Hahahahabab
Service jobs like insurance salesman, stock broker, loan officer, are all being automated.
I keep telling my banker brother this Shit?
The economy’s so bright, I gotta wear shades.
Goddammit NickelThrower, why you gotta tell me that shit?
I’m 55 and out of work.
Officially, I’m not counted because I’m not even looking for a job. In my old occupation, being above 50 makes you a leper. Age discrimination is universal…and cannot be proved.
Not a disaster, my wife is still working. We planned for this rainy day.
My main concerns now are 1) Obamacare if she leaves her job, and 2) politicians are trying to make up tax short-falls by RAISING TAXES.
IL’s legislature is in its 2nd year without a budget. The rapacious democrats, led by Chicago dem’s who work directly for Satan himself, are dug in, waiting to force a massive increase in the income tax so they can direct more LOOT to the Chicago Machine.
Sooner or later, the only taxpayers left in IL will be those who work for public entities (which makes them net tax eaters, not tax payers.)
This is why I don’t put any more money in my house than absolutely necessary. Someday I expect IL’s politicians to raise taxes enough to cause a full-on exodus, and my home’s value will plunge to essentially zero.
This is the future, unless white taxpayers wake up and drive the parasites and their enablers from the halls of government.
DC
Why stay? Move south young man, IL is toast why stay for the fireworks when you could leave and beat the traffic that is soon to start?
Yeah DC, you and or your wife should maybe try to get a job in a different location and sell the house while you still can. They will probably enact laws preventing you from walking away from a worthless house at some point so they can continue to go after you for property taxes and even code violations if not kept up.
http://www.cnsnews.com/news/article/terence-p-jeffrey/2139254000000-fy2016-taxes-set-record-through-may-14164-worker-feds
Wyoming is a coal state. Coal comprises 80% of the state tax revenue in one way or another. Jobs overall may not be affected. But the one that produces the tax revenue has. Just saying.